Gymkhana Partners' Andrei Stetsenko on Maharashtra Scooters and Indian Holdcos
Andrei Stetsenko from Gymkhana Partners explores the investment case for Indian holdcos in general and Maharashtra Scooters in particular. Andrei outlines why he isn't just looking for a discount to NAV; he talks about how he breaks down the underlying NAV and incentives of the key players when assessing an Indian holdco, and how he believes the control of the Bajaj Group can create long term value.Gymkhana Partners website: www.gymkhanapartners.comGymkhana's Q3 letter: https://www.gymkhanapartners.com/investor-letters/gymkhana-partners-q3-2025-quarterly-letterPost on financialization of Indian savings: https://www.gymkhanapartners.com/dispatches/the-equitization-of-indian-savingsDoug's Alphasense webinar: ______________________________________________________________________[00:00:00] Podcast and guest introduction[00:02:57] Indian holdcos and Bajaj group[00:05:47] Maharashtra Scooter NAV breakdown[00:06:45] Growth prospects in Bajaj firms[00:09:03] Insurance and lending discipline[00:12:45] Risks of investing abroad[00:15:25] India research and diligence[00:17:03] India-dedicated fund strategy[00:19:08] India’s economic transformation[00:22:20] Attractive Indian holdcos overview[00:25:36] Holdco incentive and structure[00:28:50] SEBI reforms and catalysts[00:29:41] Parallels with Japan’s reforms[00:32:58] Professionalization and buyback signs[00:33:46] Shareholder alignment and liquidity[00:36:48] Family dynamics and governance[00:39:23] NAV reliability and fundamentals[00:42:03] Buybacks, dividends, and hurdles[00:43:59] Governance: India vs US[00:47:06] Potential unlock mechanisms[00:49:56] Past performance and future growth[00:52:33] Closing thoughts and blog postsLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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55:24
All things AI, Power, and Corporate Governance with SemiAnalysis's Doug O'Laughlin
Doug O’Loughlin of Fabricated Knowledge and SemiAnalysis returns to the podcast in to dive into all things AI, Power, and Corporate Governance. On the AI side, they discuss where we are in the cycle, if AI is a bubble, and what will drive the next leg of growth. On the corporate governance side, they discuss using signals like off-cycle PSU grants to reflexive incentive structures to find investments, as well as diving into some topical examples. (PS- Doug’s last appearance was podcast #166 on AppLovin $APP, which doubles as the best performing pitch in YAVP history).LinksDoug's AppLovin $APP podcast appearanceDoug's Webinar with AlphaSenseFabricatated Knowledge: ____________________________________________________________[00:00:00] Podcast intro and Doug’s background[00:02:36] AI sector partying vs. value sadness[00:04:06] AI’s capital cycle and bubble setup[00:07:04] Oracle’s shift to debt-fueled capex[00:09:45] Why capital intensity changes multiples[00:11:48] TPU vs. Nvidia: a real challenger[00:13:07] Google’s evolving TPU go-to-market[00:16:02] AI scaling walls and RL progress[00:18:24] Reinforcement learning and Dota AI[00:20:15] Token economics and GPU monetization[00:22:02] OpenAI, profitability, and token resale[00:24:00] AI’s deflationary impact and services[00:26:51] Revisiting the power bottleneck thesis[00:27:44] Power grid constraints and worker shortages[00:31:33] Industrials benefiting from AI buildout[00:32:22] Generalist vs. specialist investor gaps[00:33:47] Specialist traps in relative valuation[00:36:36] Doug’s obsession with board behavior[00:38:19] Do boards game investors with PSUs?[00:41:12] Reflexive incentives at Broadcom example[00:42:17] Mimification and pump incentives at Opendoor[00:44:46] Performance incentives vs. job requirements[00:46:19] Biotech boards failing shareholder alignment[00:46:42] PSU timing around Target Hospitality’s drop[00:52:09] ICE contracts and bed shortage opportunity[00:56:54] Housing workers for Texas data center boomLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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1:00:52
October 2025 Random Ramblings
In this month’s episode of Yet Another Value Podcast, host Andrew Walker reflects on key investing themes from October 2025. He probes Warren Buffett’s late-stage performance, introducing a concept called “risk riding” and considers the unseen risks that may have shaped Buffett’s recent success. Andrew also critiques excessive investor relations spending, explores a tweet on the underappreciated value of averaging up, and questions the mindset behind stocks being “cheaper today than yesterday.”_____________________________________________________________[00:00:00] Intro, Buffett, risk riding[00:02:45] Returns vs risk over time[00:06:30] Buffett aging, investment impact[00:12:30] Investor relations overspending[00:16:55] Gifts, wasteful IR practices[00:21:20] Tweet on averaging up[00:24:00] Cheaper today vs yesterday[00:25:10] Personal updateLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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27:22
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27:22
Marathon Partners' Mario Cibelli updates the Remitly Thesis $RELY
In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Mario Cibelli of Marathon Partners for his fifth appearance. This time, they revisit Remitly (RELY), a name Mario originally pitched a year ago on podcast #266. The stock has seen ups and downs since, prompting a fresh look at its fundamentals, growth trajectory, and competitive standing—especially against players like Wise. The duo explores key risks including stablecoin disruption, regulatory dynamics, fraud prevention, and recent product launches like Remitly One and Remitly Business. Mario also explains why he believes the market misunderstands Remitly’s valuation and long-term potential.______________________________________________________________________[00:00:00] Intro: Mario returns, Remitly focus[00:02:15] Fifth time guest, same topic[00:03:18] Quick disclaimer, start discussion[00:04:51] Remitly vs. Wise comparison[00:09:26] Market concerns despite guidance[00:14:16] Stablecoin threat deeply discussed[00:20:15] Conversion costs with stablecoins[00:24:55] Fraud handling, hidden barrier[00:28:50] AML/KYC as entry barrier[00:32:17] Remitly potentially stablecoin beneficiary[00:35:15] Stablecoins: trend or transformation?[00:38:19] If Remitly fails, what happened?[00:42:44] Growth, valuation, market misunderstanding[00:44:16] New products: Remitly One, Business[00:48:44] Personal plan boosts repeat use[00:50:26] Closing thoughts, insider selling discussed[00:57:35] Narrative shift, comp valuation contrast[58:14:00] Sign-off and exclusive shirt chatLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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58:51
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58:51
Working out Basic Fit's Value with Buckley Capital's Zack Buckley $BFIT
In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Zack Buckley of Buckley Capital Partners to discuss Basic-Fit, Europe’s largest gym chain. Zack shares why the market has been overly pessimistic on the name, despite long-term growth potential. They break down what went wrong post-2020, unit economics, and whether Basic-Fit can finally deliver on expectations. Zack also outlines the opportunity in France’s 24/7 gym shift, the underappreciated moat in Basic-Fit's cluster strategy, and why he sees the stock potentially tripling. It's a conversation packed with deep due diligence, strategic insights, and a firm outlook on value creation.______________________________________________________________________[00:00:00] Podcast and guest introduction[00:02:41] Basic Fit’s business overview[00:03:15] Why market misjudges Basic Fit[00:04:40] COVID’s impact on gym cohorts[00:07:48] Zack’s in-person gym visits[00:10:12] Unit economics explained[00:14:00] Capex and depreciation debate[00:15:36] Member per store growth importance[00:16:32] 24/7 France investment case[00:18:38] Staffless gym impact analysis[00:20:22] Basic Fit’s sustainable moat[00:22:43] Differences with Dental Corp[00:24:38] Low-cost model’s retail parallel[00:28:13] Franchising potential is minimal[00:31:50] Marketing spend not a concern[00:34:38] Path to $90 price target[00:36:51] Why past forecasts failed[00:38:26] Thoughts on management team[00:43:39] Valuing via replacement cost[00:46:47] Risk of future underperformance[00:48:48] European gym vs. U.S. context[00:50:25] Demand across European markets[00:53:50] Competitor threats and strategy[00:56:43] Cautious growth after 2021 boomLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas.
Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer
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